Marissa Mayer to Get $23 Million Golden Parachute After Verizon Buys Yahoo

Posted - March 14 201700:28

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Marissa Mayer to Get $23 Million Golden Parachute After Verizon Buys Yahoo

Mayer will receive a more than $23 million "golden parachute" payment as part of her exit, including more than $3 million in cash and almost $20 million in equity, according to SEC filings.

Back in 2012, employees at Yahoo were so hopeful that Marisa Mayer will be able to bring the company back to relevance that they famously made posters of her in the style of Obama's 2008 presidential campaign "Hope". Though she'd previously saidshe had planned to stay at Yahoo in some capacity after the Verizon sale closed, Yahoosaid in January that Mayer would resign from the company's board.

Goldman will be replaced by Alexi Wellman, a VP and global controller at Yahoo since 2015, while Mayer's seat will be filled by Thomas J. McInerney, the former CFO of InterActiveCorp.

As The Wall Street Journal reports, most of Yahoo's value stems from its stakes in Alibaba and Yahoo Japan, not the core business being sold to Verizon.

Earlier this year, the company announced that she would step down after the deal goes through. Yahoo was forced to cut the price by $350 million in the wake of the security breach announcements. As a result, Yahoo's general counsel, Ronald Bell, resigned, and Mayer did not receive her 2016 cash bonus, which was as much as $2 million.

In addition, after "discussions with the board", Mayer "offered to forgo" her 2017 annual equity award. That scenario, however, would have resulted from Mayer getting fired; in the latest filing, it appears as though it's a "stepping down" scenario.

Yahoo and Verizon have said the sale - which had been threatened by revelations of two record-setting hacks of Yahoo users' personal data - will close between April and June.

Whether Mayer will have any future role in Verizon or Altaba is unclear.

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